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Nebraska PTET credit for partners/shareholders
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sagarcpa
Level 4
02-21-2024
02:10 PM
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For those of you preparing Nebraska Form 1040N and the line 14 and 22 are different on the Schedule K-1N you will have to overwrite line 30 on the front of the 1040N to deduct the proper amount of line 22 for the taxpayer. This is because the amount is flowing from Schedule I, line 9 (line 14 of the K-1N). I have verified that this flow through is incorrect directly with the PTET contact at Nebraska Department of Revenue, called ProSeries support and after 2 hours of reporting the issue, I was informed I have to overwrite to get the tax return correct. I am not sure what is hard about unlinking a flow through and giving a data entry box instead but I guess it is. Please check your returns to make sure they match the K-1N. Oh and also attach the K-1N by pdf to the Nebraska as it is required by NDR. There is no error check for this either currently.
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